Hello From Tennessee Newbie

13 Replies

My name is Austin Collins. I am 24 yrs old from Knoxville,TN and graduated a couple years ago with a Bachelors of Science in Business Administration. I have been in the work force ever since working as an outside sales rep for a car manufacturing distributor. I like my job and make good money, but real estate has always interested me and I have always wanted to work for myself. I am looking to buy my first ever home and was thinking about purchasing a condo or townhouse because it's low maintenance and I figured it would be easier to rent. But I don't really know much about real estate so I did what everyone does these days and googled it and to make a long story short I read some articles and they lead me to bigger pockets. I am definitely looking for advice and any professional help. I am really looking forward to getting started and doing this for a living one day so I don't have to work for the MAN anymore!

@Austin Collins

Welcome. Time to build the foundation.

Check out the Start Here page http://www.biggerpockets.com/starthere

Check out BiggerPockets Ultimate Beginner's Guide - A fantastic free book that walks through many of the key topics of real estate investing.

Check out the free BiggerPockets Podcast - A weekly podcast with interviews and a ton of great advice. And you get the benefit of having 50 past ones to catch up on.

Two Great reads, I bought both J. Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbook

Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Consider checking out HUD homes for small multi's owner occupied gets first crack. Get a multi live in one side, rent the other and take in roommates and live for freeand get $ in your pocket every month.

You might consider Niche or Specialized Housing like student housing. Rents can be 2-4 times more. Remember you don't have to own a property to control it.

Good luck

Paul

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Hello Austin. You came to the right place! I’m a buy/fix and hold investor in the Bay in CA. But you’ll find a variety of all strategies here on the website. A few tips on the website and on meeting some fellow investors:

Search for local meetups here or google a local REI club to network with other investors. On the site, the "Learn" link across the top navigation bar has lots of great info, and so do the forums. You can tag people by typing @ before you type their name, then clicking their name when it pops up at the bottom of the message box. You can click on the ‘vote' button if you like someone's post or is helpful, and there are ‘awards' to earn on your profile. Good luck on everything!

Account Closed thanks for the info Paul definitely interested in maybe a multi live to start out. Would love to buy some homes that need a little TLC but I am no expert in that area by any means and always afraid to spend to much money on repair. Wish I had someone that could tell me whether a house was worth fixing or not.

Also would love to join a REIA club if anyone sees this post and knows of a good one in Knoxville TN please let me know

@J. Martin sounds like you are a guy I would like to have on my side. I would like to buy and fix but never can tell what is worth fixing. Always afraid of spending to much money; any advice on this or what I can do to find someone that I can work with that has that knowledge would be great!

@Austin Collins

Welcome to BP community! It is a great place to meet new friends and learn about various aspects of real estate and more. Here are a few recommendations for you:

Find and connect with other BP members that are in your area http://www.biggerpockets.com/meet

Set up keyword alerts to be notified of the topics that interest you http://www.biggerpockets.com/alerts

Wishing you the best!

@Austin Collins

Welcome to BP Austin! I just started interacting on BP this week and have already had a ton of advice tossed my way!! This is an excellent site to learn anything about REI. I live in the Knoxville area as well and have a lot of the same interests as you. Connect with me and maybe we can talk a little more about our goals. Good luck in your new venture!

find an experienced investor to invest side by side with or make friends with a contractor who is willing to come out and give you quotes on properties you're really interested in, for a first chance at bidding the job.

or find a longtime investor/broker who is honest and can help you estimate. One way to help you is contact local shops for major items to find out how much they are.. $2/ft installed for inexpensive laminate flooring. Cabinets $4-10k installed, dependig on size, quality. New countertop $600-$1k. Dual pane windows $600-$1500 per installed. Painting $1k per 2br apt. Find out appliance costs and keep an inventory of all your contacts and stores. These are rough numbers for my areas. Get quotes for similar properties you're looking at for major items. Always include extra for misc items. This will get you 80% of the way there..

good luck!

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Hi @Austin Collins and @Cory Anderson I am also looking to flip and invest in Knoxville. I live south in Madisonville right now but looking to move. I still want to jump into the market in Knoxville. I have been reading and researching a lot on the internet. I also have been driving Knoxville area looking at foreclosures and other potential properties. Since I have never done it yet it feels very intimidating but I really need to jump in. Have either of you started yet? Bought any property? I would like to talk or get together and help each other figure all this out. Have you gone to any of the Knoxville REIA meetings? I am thinking of attending the next one.

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